Dead or dying . David i think the leadership in the house and senate decided its dead and ignoring it. Although i was pleased that over half the House Republicans voted no, even with pressure from the white house and their leadership to vote yes for it. But its true. Epublicans have become big spenders. At least the house and Senate Leadership republicans, just like the democrats. And the tea Party Started out as an independent group. They lined up with republicans because they were smaller government, but they were suspicious of politicians, and i think that sentiment is very much alive. If you had to describe it today, how would you describe President Trumps fiscal legacy . David my view is President Trump worked hard to reduce spending and they were ignored by republican allies in the house and senate, and couldnt get better deals than what they got. So right now, its building debt. And thats going to be a big problem for our country. Weve been saying that for probably a decade now.
The committee will come to order. We welcome our witnesses. Were here to have testimony from a range of industries to tell us about the importance of the United Statesmexicocanada agreement, and we soon are referring that to always as usmca. We look forward to hearing from our witnesses about the significance of the agreement to american businesses, both small and large, the workers, the farmers that we all represent. Thank you for being here. Mexico and canada are our countrys most important trading partners. According to the International Trade commission for the year 2017, more than onethird of americas merchandise exports went to mexico and canada. In that year mexico and canada imported more than half a trillion dollars of American Goods plus more than 91 billion of american services. For iowa our six and sixtenths billion of exports to canada supported 130,000 jobs. The foundation of our strong trading relationship with mexico and canada have been, thus far, nafta. The United Sta
The fed chair when he lowered Interest Rates recently said it was because of trade tensions with do seem to be having a significant effect on the economy. You are not acknowledging the trade war has anything to do with this . The Federal Reserve chairman should look in the mirror. I cost this economy is full percentage point of growth and interestingly, earlier this week, i was on Television Just before James Bullard who is on the board of governors and he is my best witness as to why we will have a good economy. He said the economy was strong and he committed to Interest Rate reduction because we have a weak economy, but because we can grow faster without generating inflation. What jay powell did not understand is that the trump economy can grow at 3 without generating inflation and that is what we should be doing. We need help from the fed and congress. The other thing that needs to fall into place, the u. S. Mexicocanada that is a newt of growth with 75,000 jobs in the auto sector.
Ellyn well, it has a digital or ecommerce chapter because ecommerce did not exist at the time that the negotiations were done and certainly did not exist when the agreement came into force in 1994. There are some kind of harmonization or uniformity among rules for sanitary things. There is greater access for u. S. Dairy into the canadian dairy market. There are changes, for example, on content, cars manufactured in north america. It raises the content required to receive dutyfree treatment 62. 5 to 75 . And it would also require between 40 to 45 of all cars or car parts made in north america to come from factories or places where the average pay for workers is about 16. The changes on the rules of origin are designed to favor the United States and canada, which tend to have higher pay scales, and will be providing more of the material. So, it includes those things, as well as maintaining sort of this relationship, this trading relationship that is more than 1 trillion per year that has
Canadian dairy market. There are changes, for example, content in cars manufactured in north america. Countries, it e raises the content required to a dutyfree treatment 75 . 62. 5 to nd also would require between 40 to 45 of all cars or car to s made in north america come from factories or places where the average pay for about 16. Rules e changes on those of origin are designed to favor he United States and canada, which tend to have higher pay cales, and will be providing more of the material. So it includes those things as maintaining sort of this relationship, this trading relationship thats more than a a year thats s developed among the three countries. Report, in the roll call, the House Democratic mca, ng group on the u. S. Head lined one of your roll call pieces, democrats say support nafta depends on trump. Those democrats have been meeting with the trade representative robert lighthouser, how is that going so far . Well, at this point i its mostly staff from u. S. Tr and u.